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DeFi yield protocol PiggyBank incurs significant losses due to investment in LAB
After investing in LAB, the protocol adopted a delta-neutral strategy to establish a short position, but due to extreme price manipulation and liquidity issues, the funding rate remained negative, and the short position continued to incur losses.
PiggyBank stated that the protocol is prepared to close the short position to limit losses. Currently, PiggyBank's locked LAB position is worth about $1.35 million, but due to insufficient liquidity, the protocol plans to exclude this portion of the value from the net asset value, and users may see net asset value losses across various vaults in the short term.